Refinancing with Sofi

Social Finance (SoFi)

About Sofi

Social Finance (SoFi) is a finance company that offers a range of lending and wealth management services. The company offers variable and fixed rate parent, personal, and MBA loans, mortgage refinancing, and more. SoFi started in 2011 and is a lending company that has surpassed $15B in funded loans to over 224,000+ customers.


  • No origination fees or prepayment penalties
  • No minimum annual income
  • No cosigner required but option to apply with a cosigner if needed
  • Cosigner release offered for refinanced loans
  • No minimum GPA required
  • Borrower can apply while still enrolled in school
  • No max lending amount
  • Interest rate reduction of .25% for auto pay
  • Parent plus loans can be refinanced
  • No prepayment penalty
  • You can transfer a parent plus load from the parent to the graduate


  • Difficult to Qualify
  • Savings depend on existing rates


  • Entrepreneur program – qualified applicants can receive loan deferrals and mentorship
  • Unemployment protection up to 12 months– loan payments are paused and they help find new job
  • Career support – complimentary coaching for SoFi members
  • Discharged due to death
  • Loans are tax deductible
  • You do not need a personal reference


  • 5k Minimum lending amount
  • Refinancing and consolidation of private and federal student loans
  • If you previously defaulted and rehabilitated your loan you will not be eligible
  • Resident from every state except NV are eligible
  • Must have completed an eligible undergraduate or graduate degree program
  • Borrower can’t be delinquent on current student loans
  • Borrower must currently be employed or have signed job offer


  • It takes about 10 minutes to apply
  • Good or Excellent score needed
  • Available for both undergraduate and graduate school student loans
  • 575% to 6.54% APR (with autopay) variable rates, capped at 8.95% to 9.95% APR
  • 375% APR to 6.74% APR (with autopay) fixed rates
  • Flexible repayment terms available for 5, 7, 10, 15, and 20 years

Earn a $100 bonus from Sofi when you use the below link to register.

Visit Sofi

If you’re considering refinancing your student loans use the links below to learn more. Check out the article “Comparing student loan refinancing options”. Here I lay out all the information you need to know to decide which company will best suit your needs.